Top 20 Richest Man in Zambia 2025: Complete Forbes List & Net Worth Rankings

Zambia’s economy, driven by mining, real estate, finance, and agriculture, has produced numerous millionaires who shape the nation’s financial landscape. While Zambia currently has no billionaire in US dollar terms, several wealthy individuals have amassed fortunes exceeding $100 million. This comprehensive guide reveals the top 20 richest man in Zambia 2025, including the youngest millionaires making their mark.

Important Note: No Zambian Billionaires

Zambia currently has no billionaire in US dollar terms. For context, the richest man in Africa is Aliko Dangote from Nigeria, founder and chairman of Dangote Cement, with wealth estimated at $13.5 billion according to Forbes.

Top 20 Richest Man in Zambia 2025: Complete Rankings

RankNameNet Worth (USD)Primary SourceIndustry1Hakainde Hichilema (HH)$340M - $1B*Cattle ranching, Business, PoliticsAgriculture, Multiple2Dr. Rajan Mahtani$304MFinance Bank LimitedBanking, Real Estate3Noble Findlay$301MAutoworldAutomotive, Business4Robin Miller$301MREIZReal Estate5Charles Milupi$210MInvestments, PoliticsInfrastructure, Energy6Stirling Banda$120MMining investmentsMining7Mark O'Donnell$110MUnion Gold, RetailHospitality, Retail8Dr. Mutt Lange$100M+Music productionEntertainment9Satwant Singh$90MRally racing, BusinessMotorsport, Business10Charles Lubasi$80M+TelecommunicationsTech11Spax Mulenga$38MSpax MiningMining12Geoffrey Bwalya Mwamba (GBM)$35M+Agriculture, ManufacturingMultiple13Azele Phiri (Aze 1)$30M+Mining machinery supplyMining equipment14Valden Findlay$25M+Business venturesMultiple15Patrick Mwamba$20M+BusinessMultiple16Fred Mutesa$18M+Mining, BusinessMining17Andrew Sardanis$15M+InvestmentsMultiple18James Chileshe$12M+BusinessMultiple19Muna Hantuba$10M+Business, ConsultancyMultiple20Various Business Leaders$8M-10MVariousMultiple

Note: President Hakainde Hichilema’s net worth varies significantly across sources, ranging from $340 million to $1 billion.

Top 10 Detailed Profiles

1. Hakainde Hichilema – $340 Million to $1 Billion

Position: President of Zambia (2021-present)
Nickname: HH, “Cattle Boy”

Hakainde Hichilema is the richest man in Zambia and the country’s current President. Best known as HH, he is a successful businessman who served as CEO of Coopers and Lybrand Zambia (1994–1998) and Grant Thornton Zambia before entering politics.

Wealth Sources:

• Cattle Ranching: Zambia’s second-largest cattle rancher
• Business Consulting: Former CEO of major firms
• Investments: Various business ventures
• Political Leadership: Current President since 2021

Journey to Power: HH served as President of the United Party for National Development (UPND) since 2006, contesting five presidential elections before finally winning in 2021, defeating Edgar Lungu. He was famously arrested and jailed in 2017 during his opposition years.

Controversies: As the richest man in Zambia, he has been subject to various accusations, including claims of being a Freemason, though these remain unsubstantiated.

2. Dr. Rajan Mahtani – $304 Million

Position: Chairman of Finance Bank Limited

Dr. Rajan Mahtani ranks among the top 4 richest in Zambia. He is a successful businessman, certified accountant, and holds a PhD in commercial law.

Wealth Sources:

• Finance Bank Limited: Chairman and major shareholder
• Real estate investments: Multiple properties
• Healthcare ventures: Various medical facilities
• Philanthropy: Active in education and community projects

Dr. Mahtani has accumulated much of his wealth from strategic business dealings across banking, real estate, and healthcare sectors. His reputation as an astute investor has made him a respected figure in Zambian business circles.

3. Noble Findlay – $301 Million

Position: Chairman of Autoworld

Noble Findlay founded Autoworld, one of Zambia’s leading automotive companies, along with his wife Cossie Findlay and their two sons, Glenn and Christopher Findlay.

Business Success: Autoworld has become synonymous with quality automotive sales and service in Zambia, representing multiple international brands. The family-run business exemplifies successful generational wealth building through consistent quality and customer service.

4. Robin Miller – $301 Million

Position: Managing Director of Real Estate Investments Zambia (REIZ)

Robin Miller is among the top 10 richest men in Zambia and a key figure in the country’s real estate industry. As managing director of REIZ, he has amassed significant wealth through property investments and urban development projects.

Additional Roles:

• Member of Zambian Wildlife Authority board
• Founding Chairman of The Tourism Council of Zambia
• Board member of City Investments Ltd
• Board member of Madison General Insurance Company Ltd

His diverse board memberships demonstrate his influence across multiple sectors beyond real estate.

5. Charles Milupi – $210 Million

Position: Minister of Infrastructure, Housing and Urban Development

Charles Milupi combines political leadership with business acumen. He serves in government while maintaining substantial business investments.

Wealth Sources:

• Lafarge Cement shares: Major stakeholder
• Tiiseza Zambia Limited: Investment holdings
• Copperbelt Energy Co-operation: Shareholdings
• Infrastructure projects: Various investments

His dual role as politician and businessman has enabled him to influence Zambia’s infrastructure and energy sectors while building personal wealth.

6. Stirling Banda – $120 Million

Industry: Mining

Banda’s wealth stems from his investments in Zambia’s lucrative mining sector. His contributions to the industry have helped drive economic growth in the Copperbelt region, where much of Zambia’s mining activities concentrate.

7. Mark O’Donnell – $110 Million

Position: Union Gold Chairman

Mark O’Donnell is a major player in Zambia’s retail and hospitality industries, owning several shopping malls and hotels. His ventures are instrumental in boosting Zambia’s tourism sector while generating substantial personal wealth.

8. Dr. Mutt Lange – $100 Million+

Industry: Music Production

Born in Zambia, Mutt Lange is an iconic music producer behind hits for international artists including Shania Twain, Def Leppard, AC/DC, and others. Despite living abroad, his contributions to the entertainment industry keep him among Zambia’s richest. His production work has earned him worldwide recognition and Grammy awards.

9. Satwant Singh – $90 Million

Background: Rally Driver and Businessman

Satwant Singh is a well-known Zambian businessman and decorated rally driver, having won the African Rally Championship 8 times between 1988 and 2000. Born on March 3, 1943, he is the youngest of his siblings, Gurdeep and Guru Singh.

Singh grew his fortune to 9 figures through his motorsport career and business opportunities that arose from his rallying success. His achievements in motorsport, especially in Central and Southern Africa, opened doors to lucrative business ventures.

10. Charles Lubasi – $80 Million+

Industry: Telecommunications

An innovator in Zambia’s telecommunications sector, Charles Lubasi has been at the forefront of improving the country’s connectivity infrastructure. His work in technology and telecommunications has made him a notable figure in Zambia’s tech industry while generating significant wealth.

Who is the Youngest Richest Man in Zambia?

Spax Mulenga (Kabaso Mulenga) is considered the youngest richest man in Zambia as of 2025.

Net Worth: $38 million (K800 million)
Age: Mid-to-late 20s to early 30s (exact age not publicly available)
Location: Chingola, Copperbelt Province
Company: Spax Mining

Spax Mulenga’s Success Story

Spax Mulenga, whose real name is Kabaso Mulenga, lives in Chingola on the Copperbelt and owns Spax Mining, which likely contributes significantly to his wealth. He is considered a prominent businessman, particularly in the Copperbelt region.

His rise to wealth at a young age represents the new generation of Zambian entrepreneurs leveraging opportunities in the mining sector—Zambia’s economic backbone.

Top 10 Youngest Richest in Zambia

While comprehensive data on all young wealthy Zambians is limited, here are the confirmed youngest millionaires:

RankNameAge CategoryNet WorthSource1Spax MulengaLate 20s-Early 30s$38MSpax Mining2Azele Phiri (Aze 1)Early-Mid 30s$30M+Mining machinery supply3Glenn Findlay30s-40s$25M+Autoworld (family business)4Christopher Findlay30s-40s$25M+Autoworld (family business)5-10Various Young EntrepreneursUnder 40$5M-$15MTech, Real Estate, Mining

Note: The “youngest richest” category is difficult to document comprehensively as many young wealthy Zambians prefer privacy, and exact ages aren’t always publicly available.

Characteristics of Young Zambian Millionaires

Young wealthy Zambians share common traits:

• Mining sector involvement: Leveraging Zambia’s copper wealth
• Tech innovation: Telecommunications and digital services
• Real estate development: Urban property investments
• Family business succession: Inheriting and growing family wealth
• Cross-border trade: DRC and regional business operations

Industries Creating Wealth in Zambia

1. Mining (40% of Wealthy Individuals)

Zambia’s economy is heavily dependent on copper mining, which accounts for the majority of the country’s export earnings. Wealthy individuals in this sector include:

• Mine owners and investors
• Mining equipment suppliers
• Service providers to mining companies

2. Real Estate (25%)

Rapid urbanization, particularly in Lusaka, has created significant opportunities:

• Residential property development
• Commercial real estate
• Shopping mall construction
• Industrial property

3. Banking and Finance (15%)

Financial services remain lucrative:

• Commercial banking
• Investment services
• Insurance
• Microfinance

4. Agriculture (10%)

Large-scale farming, particularly cattle ranching, generates substantial wealth:

• Cattle ranching (President HH is #2 rancher)
• Commercial farming
• Agricultural exports

5. Other Sectors (10%)

• Telecommunications
• Hospitality and tourism
• Retail
• Manufacturing
• Entertainment

Wealth Inequality in Zambia

Despite these wealthy individuals, Zambia faces significant wealth inequality:

Economic Context:

• GDP per capita: Approximately $1,200 (2025)
• Poverty rate: Over 50% of population below poverty line
• Unemployment: Particularly high among youth

Wealth Concentration:

• Top 20 individuals hold wealth exceeding $2.5 billion combined
• Middle class remains relatively small
• Majority of population engaged in subsistence activities

Comparison with Regional Neighbors

Zimbabwe’s Richest:

• Strive Masiyiwa: $1.8 billion (Zimbabwe’s only billionaire)
• Multiple individuals above $500 million

Tanzania’s Richest:

• Mohammed Dewji: $1.6 billion
• Rostam Aziz: $800 million+

Zambia’s Position:

• No billionaires
• Smaller number of ultra-wealthy individuals
• Wealth more concentrated in traditional sectors (mining, agriculture)

Lessons from Zambia’s Wealthy

1. Leverage Natural Resources

Many wealthy Zambians built fortunes through mining—the country’s primary resource. Identifying and capitalizing on national strengths creates opportunity.

2. Diversify Income Streams

The richest Zambians rarely rely on single income sources. They spread investments across multiple sectors to reduce risk.

3. Build Generational Wealth

Families like the Findlays demonstrate how involving children in business creates lasting wealth across generations.

4. Combine Business with Influence

Many wealthy Zambians serve on multiple boards or in government, leveraging influence to create additional opportunities.

5. Invest in Key Infrastructure

Real estate and infrastructure investors benefit from Zambia’s urbanization and development needs.

Future Wealth Trends in Zambia

Emerging Opportunities:

• Technology sector: Digital services and fintech
• Renewable energy: Solar and hydroelectric projects
• Agriculture processing: Value addition to raw materials
• Tourism development: Leveraging natural attractions
• Cross-border trade: Regional economic integration

Challenges:

• Currency instability
• Limited access to capital
• Infrastructure deficits
• Policy uncertainty

Conclusion

The top 20 richest man in Zambia 2025 represents diverse industries, with President Hakainde Hichilema leading at $340 million to $1 billion, followed by business moguls in banking, real estate, mining, and automotive sectors.

Spax Mulenga holds the distinction of being the youngest richest man in Zambia at age late 20s to early 30s, with a net worth of $38 million earned through his mining company. The top 10 youngest richest in Zambia include mining entrepreneurs, tech innovators, and second-generation family business leaders.

While Zambia has no billionaires, these wealthy individuals play crucial roles in the economy through job creation, investment, and sector development. Their success stories demonstrate that opportunities exist in mining, real estate, finance, and agriculture for those with vision, capital, and determination.

For more inspiring business content and financial wisdom, visit Zambianguardian.com for motivational resources and success stories.